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Before You Purchase A Home With Your Boyfriend/Girlfriend, Think Twice

Reblogger
Real Estate Broker/Owner with Living Albuquerque 16784

You are in love and it feels right...it seems the most practical thing to do, but look before ypou leap.  Things do go south sometimes...people change and then you have to face reality.  Before you make a big purchase like a home...know the rules of engagement

Before you purchase a home with your boyfriend or girlfriend, think twice! If both names are on the deed, just as in a marriage, both names need to be on the listing agreement and both people need to sign at the closing table!

I received a call today from a young man who purchased a home with the person he assumed would be his partner forever. They purchased a great home together and now, a few years later, they have parted ways. One has left the home and the other is still there. One wants to sell, the other wants to stay.

Just as in a marriage, if you have your name and another person's on the deed for that home, you both have to sign all of the paperwork to sell, unless the other person buys you out.

I have seen this before, a young couple purchasing together before they marry and then having the relationship go south. It is sad but everyone needs to remember, as far as the law is concerned, you are both responsible for that home. It isn 't like renting and moving on. As for advice, my advice is: "Get an attorney, I am a Realtor and not qualified to give legal advice."


Buying or Selling - - Call Barbara-Jo for all of your real estate needs! - - 727-512-0910

crystal beach florida
Ich Spreche Deutsch!!!  

Barbara-Jo Roberts Berberi, MA

Charles Rutenberg Realty

Serving the Greater Palm Harbor Florida Area, including Crystal Beach, Dunedin & Tarpon Springs Florida

Waterfront condos & homes
relocation, investment, upsizing, downsizing

Your Real Estate Specialist

727-512-0910
visit my website to see all my current listings
www.barbarajo.com


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If you are thinking of purchasing in the Palm Harbor, Crystal Beach, Safety Harbor, Dunedin, Tarpon Springs area or along our pristine Gulf Beaches, give me a call! With years of experience in the local real estate market, I am here to assist you in making one of the most important purchases of your life! Give me a call today! Find out for yourself why living along the Gulf Coast is indeed living in Paradise!

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Beautiful Bernalillo CountyLivingAlbuquerque, and Lloyd & Associates Real Estate.

C. Lloyd McKenzie, MBA

NM Real Estate Broker

Phone: (505)750-8552
Email:Lloyd@LivingAlbuquerque.com

Areas Served: Albuquerque Metro/ Algodones/ Bernalillo/ Cedar Crest/ Corrales/ Edgewood/ Los Lunas/ Los Ranchos de Albuquerque/ Placitas/ Rio Rancho/ Sandia Park/ Tijeras

Comments (11)

Jordon Wheeler
The Jordon Wheeler Group - Fairburn, GA
J W Group Real Estate Sales and Service

Hey C. Lloyd,

What an appropriate post for today's environment.  Thank you for re-blogging.  Best of continued success to you sir!

Nov 29, 2012 02:33 PM
Lanise Warrior-Johnson
Real Estate Brokers Services, Inc. - Compton, CA
Real Estate Specialist

So sad, but true.  Buying real estate, is a real committment.  It's not something that one should take lightly.  I've had friends buy homes on behalf of credit challenged friends, and subsequently the friendship takes a dive when the occupant stops making timely payments.  

Nov 29, 2012 02:34 PM
Christina Sanchez Hood
Palo Alto, CA
#SiliconValleyHOODS | Inspired Living

C. Lloyd, real estate is a big purchase and I have heard of unmarried couples take the plunge and purchase jointly.  I guess one way to enter into this type of agreement would be to have an exit strategy in place before the deal is signed.  It's similar to a prenup with a marriage and can make things easier, should a split occur.  Good post!

Nov 29, 2012 02:35 PM
John G. Johnston
John G. Johnston & Associates, LLC - Westcliffe, CO
An Exclusive Buyer's Agent ~ Westcliffe, CO

C. Lloyd  Thanks for the re-post.  I am amazed what people were thinking.  Undoing is a lot harder than the doing!

Nov 29, 2012 02:57 PM
Mike Warren
Real Estate - Colorado Springs, CO

Thank you for the re-blog. Good luck and more success!

Nov 29, 2012 05:20 PM
Potranco Realty
Potranco Realty - San Antonio, TX
"Sold with Potranco Realty"

C. Lloyd and Barbara, great blog which I've never given much thought, but now I will, Good Stuff.

Have a terrific Friday and best wishes $$$, Bob

Nov 29, 2012 08:49 PM
Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop

Good morning C.Lloyd.

A great re-blog.

Thank you.

Have a nice and productive weekend.

Nov 29, 2012 10:03 PM
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

Excellent reblog C. Lloyd, keep up the good work. Contact C. Lloyd for all your NM real estate needs (505) 888-1700 he is an expert and a professional.

Nov 30, 2012 04:49 AM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

thanks for the reblog, Lloyd. I really appreciate this one!

Nov 30, 2012 06:21 AM
Yolanda Cordova-Gilbert
Richmond, TX

C Lloyd,

               Great reblog! I love it! Barabara Jo is quickly becoming one of my favorites on Active Rain!

Nov 30, 2012 09:02 AM
C. Lloyd McKenzie
Living Albuquerque - Albuquerque, NM
Living Albuquerque

Thank you all for your comments.  Please be sure to stop by Barbara-Jo's blog and leave her a comment

Nov 30, 2012 02:36 PM